SUPRIYA

Consolidated revenue for the quarter decreased by 9.7% YoY (-21.2% QoQ) to INR 1,451 Mn., sharply below our estimates due to subdued growth in the Vitamin and Anti-Histamine segments. Overall, mid single-digit growth in the Analgesics segment was offset by a decline in other segments. Supriya Lifescience at 25.5x Jun’27 EPS (~ to its 3-year LTM Avg. P/E), implying a target price of INR 800. Supriya Lifescience is currently trading at 29.4x/23.0x of our FY26E/FY27E EPS estimates.